Wilmington, Delaware, United States, March 11, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The forecasted advancement of the decorative coatings market is expected to occur at a sluggish to moderate CAGR of 4.3% in the next decade. The subject market is predicted to achieve a total market valuation of US$ 98.6 billion by 2031, about US$ 62.7 billion in 2021. This development shall occur due to the inclusion of various factors associated with different markets.
The trend of producing eco-friendly products, like various solvents for coating, is catching a boom. Due to this, it has been observed that the market has gained a different niche within the existing market. Apart from this, VOC-free products have been favored, which discounts the industry on product differentiation. Consequently, this creates a substantial market driver.
Technological advancements have enabled the subject market to experience better stability regarding newly designed products. Technology helps the market meet consumer demands more efficiently through precise and accurate products that do not harm consumer health. Therefore, this is another market driver.
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The construction industry has been progressing significantly. This progress is reflected in the global decorative coatings market. The main reason behind this is that the contemporary world demands buildings' attractive yet eco-friendly appearance. Consequently, a demanding force is experienced by the market.
Key Findings from the Market Report
- The global decorative coatings market operates in various segments. The type of resin used is considered one of the crucial market segments for the subject market. Acrylic resin can be repeatedly heated and reshaped, allowing it to reconstruct automotive parts to acquire precision.
- The epoxy resin is another vertical segment widely used in coatings over electronics boards. Due to their excellent adhesive properties, chipsets can be painted accurately to print an electric circuit more effectively on PCBs.
- Based on the technology used, waterborne is an important market segment offering a solvent and an ideal replacement for chemicals. As a result, this media proves to be the safest.
- UV-curing is another important market segment vertical that can be used extensively to dry out inks. The electronics sector uses the said technology more frequently, along with applications found in the glass industry.
Regional Profile
- Due to substantial growth in the construction industry in the Asia-Pacific region, it has been identified that the said geographical region has been the leading region in the global decorative coatings market. It secures about 44.3% of the entire market share, as analyzed by 2021.
- Apart from this, North America has also shown significant growth in the sector and is assured of acquiring future growth at a uniform rate. The current market share secured by the region accounts for about 22.35%.
- Europe, very similar to North America, looks promising in the sector, showing a market share of 20.22%.
Key Trends for the Decorative Coatings Market
- Due to the acquisition of Sherwin Williams Paints Company made by Berger Paints India Ltd. in August 2019, the presence of the previous company would be enhanced in Asia.
- Kansai Paint Asia Pacific Sdn. Bhd acquired Sancora Paint Industries Sdn. Bhd in February 2021. Due to the acquisition, it has become possible for the latter to develop a strong brand within the ASEAN market, thereby gaining a stronger consumer base.
- Changing architectural demands from Dubai are intended to be met by AkzoNobel N.V., which announced its expansion in March 2020.
Competitive Landscape
The competitive landscape within the global decorative coatings market is fiercely saturated.
- AkzoNobel N.V. is one of such key players known for its widely diversified products, including abrasion-resistant coatings, cabin coatings, epoxy primers, and so on.
- Kansai Paints Co. Ltd. has acquired a niche in protective coating. The organization manufactures various coats using zinc, epoxy, and other materials.
- PPG Industries, Inc. has created its niche within the aerospace market. In addition to this, it provides its services to marine businesses.
Key Players
- AkzoNobel N.V.
- Kansai Paints Co. Ltd.
- PPG Industries, Inc.
- BASF SE
- The Sherwin-Williams Company
- RPM International Inc.
- Axalta Coating Systems
- Nippon Paint Holdings Co., Ltd.
- Kelly Moore Paint Co. Inc.
- Clariant
- Celanese Corporation
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Market Segmentation
Resin
- Acrylic
- Polyurethane
- Alkyd
- Vinyl Acetate Emulsion
- Epoxy
- Others (Polyesters and Vinyl Acetate Emulsion)
Technology
- Water-borne
- Solvent-borne
- UV-cured
- Others (Polymer-based)
Application
- Residential
- Non-residential
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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